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Economic Systems
Economic Systems
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Economic Systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Some weaknesses of a command economy are that it has few mechanisms for protection and a low standard of living.
True
False
2
In a command economy, each person knows their role and you cannot change directions.
True
False
3
Children follow customs and make what their ancestors made.
Mixed economy
Pure market economy
Command economy
Traditional economy
4
A mixed economy thrives on competition.
True
False
5
Give an example of a country that is a mixed economy.
Vietnam
North Korea
Brazil
Cuba
6
Which economy is ineffective at dealing with the day to day problems of the economy?
Mixed
Market
Traditional
Command
7
Businesses decide what to produce based on the supply and demand.
Traditional
Market
Mixed
Command
8
Businesses decide how much to produce with some government regulations.
Command economy
Traditional economy
Pure market economy
Mixed economy
9
Government makes all economic decisions.
Mixed economy
Command economy
Market economy
Traditional economy
10
Some strengths of a market economy are that the property is owned by the people and a free enterprise exists.
True
False
